Staff
It’s time for your Daily Hit of cannabis financial news for October 3, 2018.
On The Site
MedMen Enterprises Inc.
MedMen Enterprises Inc. (MMNFF) signed an agreement to purchase Scottsdale-based cannabis company Monarch from WhiteStar Solutions. Monarch is a licensed medical cannabis license holder with dispensary, cultivation and processing operation. MedMen will also acquire WhiteStar’s exclusive co-manufacturing and licensing agreements with Kiva, Mirth
Provisions and HUXTON for the state of Arizona.
In addition to the Arizona acquisition, MedMen is also purchasing Chicago-based dispensary Seven Point for an undisclosed amount of cash at closing, deferred cash, and shares of MedMen Enterprises, Inc.
Also this week, MedMen closed a C$93,822,023 (US$73,275,000) senior secured term loan facility with funds managed by Hankey Capital and with an affiliate of Stable Road Capital as the largest loan participant.
In Other News
Tilray Inc.
Tilray Inc. (TLRY) intends to offer, subject to market conditions and other factors, $400 million aggregate principal amount of Convertible Senior Notes due 2023 in a private placement to qualified institutional buyers. The notes will be sold to accredited investors in Canada. Tilray also intends to grant the initial purchasers of the notes an option to purchase up to an additional $60 million aggregate principal amount of notes.
Tilray intends to use the net proceeds from this offering for working capital, future acquisitions and general corporate purposes, and to repay the approximately $9.1 million existing mortgage related to its facility in Nanaimo, British Columbia.
Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. (IIPR) has commenced a public offering of 2,000,000 shares of its common stock. The company expects to grant the underwriters a 30-day option to purchase up to an additional 300,000 shares of its common stock to cover overallotments if any. All of the shares are being sold by the company.
The company intends to use the net proceeds from this offering to invest in specialized industrial real estate assets that support the regulated cannabis cultivation and processing industry that are consistent with its investment strategy, and for general corporate purposes.
Canopy Growth Corporation
Canopy Growth Corporation (CGC) said that its wholly-owned subsidiary, Spectrum Cannabis has partnered with the Ontario Long Term Care Association by way of an unrestricted educational grant to pursue the development and implementation of a long-term care (LTC) medical cannabis pilot study and care pathway for utilization in Ontario long-term care homes. The six-month pilot aims to measure how medical cannabis use can potentially displace other, less-desirable therapeutics for both pain and cognitive function for residents in a select group of homes.
48North Cannabis Corp.
48North Cannabis Corp. (TSXV:NRTH) today announced that the Company has been added to the Horizons Emerging Marijuana Growers Index ETF (NEO:HMJR).
“The addition of 48North to the Horizons Emerging Marijuana Growers Index ETF is a validation of our strong position in the evolving cannabis industry and solidifies our place as an emerging player,” said Alison Gordon, Chief Executive Officer at 48North.
